Under the guise of fighting international money laundering and stopping drug cartels, high-tax countries are trying to eliminate the attractions of tax havens to stop potential tax dollars from leaving their shores. Many former colonies, possessions, and countries closely affiliated with the more developed OECD countries are creating high barriers to entry or even eliminating tax-haven benefits to citizens of the United States. Other high-tax jurisdictions are being excluded too, for fear of trade isolation, boycotts, and the elimination of international aid.

The Offshore Banking Act (No. 11) of 1996 was signed into law July 26, 1996. The act allows certain banking and other related businesses to be carried on from within Belize in foreign monies, securities and assets for persons who are non residents of Belize.